Latest Lending - Credit Report Topics

Using Average Costs For Loan Fees

03/11/2002

When we close a loan on the mortgage side we charge a $30 credit report fee. The actual fees are between $16.50 and $50. We averaged our actual costs and came up with $30; therefore, we are charging more for some customers and lessfor others.My question is - is this practice permissible or do we have to charge actual costs? Can you point me in the right direction on this issue?

Lending Disclosures at a Glance

03/01/2002

Refunding Non-Refundable Fees

02/11/2002

Our bank charges a non-refundable $350 mortgage application fee to all customers. If the loan is made, the settlement sheet reflects amounts paid outside of closing from this fee for the appraisal, flood report, and credit report. Recently, in a refinance situation, the borrower exercised his right of rescission and requested the return of his application fee. <a href="http://www.bankersonline.com/regs/226/226-15.html">226.15</a> and its <a href="http://www.bankersonline.com/regs/226/regzcomm.txt">commentary</a> indicates to me that we must return the whole fee. Is this correct? If so, are we ok in retaining the fee in a purchase application where the request is declined?

Privacy For Agricultural Customers

11/12/2001

BOL's Servicemembers Civil Relief Act Page

09/27/2001

It's Time To Fix RESPA

04/01/2001